Stocks (^DJI, ^IXIC, ^GSPC) are under pressure Thursday afternoon as new manufacturing and jobless claims data failed to meet investor expectations. Piper Sandler chief investment strategist Michael Kantrowitz joins Market Domination to share his economic outlook.

Kantrowitz points out that the markets received a lot of "bad news" today, including rising unemployment claims and ISM's manufacturing PMI (Purchasing Managers' Index) remaining in contraction territory ahead of Friday's July jobs report. He notes that while this economic trend has been ongoing since May, and despite a positive CPI (Consumer Price Index) report in July, today's data has "reset" investors "back to reality."

"The economy continues to break down," Kantrowitz tells Yahoo Finance. He adds "there's more breadth in this economic softness than we've seen in some time."

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This post was written by Angel Smith